Politics

Other Politicians Held, Recently Sold Stock That Got Chris Collins Arrested

Tom Price, Doug Lamborn among those who hold or sold Innate Immunotherapeutics stock

Rep. Tom Price, R-Ga., nominee for Health and Human Services secretary, testifies at his Senate Finance Committee confirmation hearing in Dirksen Building on January 24, 2017. (Tom Williams/CQ Roll Call file photo)

At least six other politicians have recently owned or sold stock in Innate Immunotherapeutics, the Austrailian company at the center of New York Republican Rep. Chris Collins’ recent arrest.

In 2017, Tom Price sold between $250,001 and $500,000 of Innate Immunotherapeutics stock on one occasion and between $15,000 and $50,000 on another, according to the Office of Government Ethics.

Rep. Doug Lamborn and his wife also held stake in Innate Immunotherapeutics though an IRA, according to the Colorado Republican’s most recent financial disclosure. 

Republican Reps. John Culberson of Texas and Markwayne Mullin of Oklahoma also held stock in the company, according to their financial disclosures.

Mullin sits on the Health subcommittee of House Energy and Commerce alongside Collins.

Both Republican Reps. K. Michael Conaway of Texas and Billy Long of Missouri purchased Innate stock in 2017.

The holdings from Long, Mullin and Collins make three GOP members of the Health subcommittee that have owned and/or sold Innate stock within the past two years.

Collins was arrested and indicted on charges related to securities fraud Wednesday.

Collins’ latest sale of Innate Immunotherapeutics holdings was on June 20, 2018 and valued between $15,000 and $50,000 according to House periodic transaction reports. He bought at least 4 million shares between 2016 and 2018, according to the reports. Collins’ value in Innate went from $25,000,001 to $1,000,001, according to his most recent financial disclosure. He serves on the Health subcommittee of House Energy and Commerce.

Last August, the House Ethics Committee took up an inquiry into Collins and allegations that he had shared nonpublic information about the company, in violation of House rules, standards of conduct, and federal law.

Collins gained personal benefit and provided nonpublic information to his son Cameron Collins who sold nearly $1.4 million of Innate Immunotherapeutics shares, according to a complaint filed by the Securities and Exchange Commission.

“Christopher Collins knew or recklessly disregarded that he breached his duty by disclosing this inside information to Cameron Collins,” the SEC said.

Collins, who represents the suburbs of Buffalo and rural counties in upstate New York, became the first House Republican to endorse Donald Trump’s bid for the Republican presidential nomination.

The Australia-based biotech company is trying to develop a treatment for multiple sclerosis. Collins is the company’s largest shareholder and serves on its board of directors, attending its meetings by phone.

Katherine Tully-McManus and Lindsey McPherson contributed to this report.

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